Look at the players they attracted in the summer, even after winning the title they weren't attracting much quality, yet alone now they're going to finish somewhere in the bottom half. Money doesn't mean much if you can't attract the right kind of player, they're not that rich anyway. They're not a big draw at all. They've blown it, their chance of establishing themselves in the upper teams is gone now. They're just one of the 12 teams who will start every season thinking about relegation again nowadays.
Come the summer, Leicester will be shopping around the same kind of market we are. Worse if they get relegated.
Exactly, bit of a lose lose really. If they go down, his reputation as a relegation expert finishes, and he's likely to be replaced again or have to spend the next few years managing in the Championship instead of an established side like ours.
If he does well and keeps them up, they'll only be attracting the same sort of players that we would be after (or more likely even worse due to only finishing at the lower end of the table) and he'd be effectively starting again - having to clear out the deadwood, sign players he wants, win over the fans, get them playing his style etc.
He's already got all of that with us, and has a decent contract, which I'm sure we'd think about extending even further. He's cleared out the deadwood, signed players he wants, won over a good proportion of fans, and got the team all signing of the same hymsheet. It's got to be more attractive staying here. Leicester are known for chopping and changing managers anyway, why would he risk it all?